Compare legal limits, fees and the true cost of small loans in your state before you talk to any lender. Compare legal limits, fees and the true cost of small loans in your state.
Credit Unions vs Payday Loans in Fort Smith, AR
3 credit unions are headquartered in Fort Smith, with 15,238 members in total. Credit unions are member-owned and often offer small personal loans and payday alternative loans (PALs) at far lower rates than payday lenders.
- Credit unions
- 3
- Members
- 15,238
- Federal
- 3
- State-chartered
- 0
Credit unions vs payday loan stores in Fort Smith
Fort Smith has 3 credit unions headquartered here, and we found no storefront payday loan chains. Local credit unions count 15,238 members — roughly 16 memberships per 100 residents.
Credit unions
3
3.2 per 100k residents
15,238 members
Payday & loan stores
0
0 store chains
Borrowing $500 for 6 months in Fort Smith
| Option | Payment | Total cost of borrowing |
|---|---|---|
| Installment loan at the Arkansas rate cap (17% APR) | $87.51/mo | $25.08 |
| Credit union PAL (28% APR) | $90.27/mo | $41.62 |
| Payday loan renewed every 2 weeks (typical $15 per $100, not available in Arkansas) | $75.00 every 2 weeks | $975.00 |
- Monthly payment at the Arkansas rate cap vs median monthly household income
- 1.9%
Example calculation with fixed monthly payments; the payday row shows typical out-of-state pricing for comparison. Actual rates and terms vary by lender.
What it means for a household in Fort Smith
- Median household income
- $56,234
- A $400 emergency equals
- 2.6 days of income
- Households earning under $25,000
- 20.8%
- Residents below the poverty line
- 17.9%
Income and poverty: U.S. Census Bureau, American Community Survey, by ZIP code; figures for Fort Smith are population-weighted and approximate. Hours of work are based on the median individual income.
Payday loans vs credit union PALs: the rules in Arkansas
| Payday loan in AR | Credit union PAL | |
|---|---|---|
| Legal status | Not allowed — storefront payday loans are banned | Offered by many federal credit unions |
| Rate cap | Capped at 17% APR (State Constitution) | Up to 28% |
| Term | Usually 2–4 weeks, due in one payment | 1 to 12 months, in installments |
| Credit check | Usually none; a bank account and income are required | Membership required; payments can be reported to credit bureaus |
Payday rules: Arkansas law as summarized on our Arkansas payday page. PAL rules: National Credit Union Administration (NCUA) rules for federal credit unions (PAL I and PAL II); state-chartered credit unions may offer similar small loans.
Credit unions headquartered in Fort Smith
| Credit union | Address | Members | Website |
|---|---|---|---|
| Arkansas Best Federal Credit UnionFederal | PO Box 17020 Fort Smith, AR 72917 | 11,439 | abfcu.org |
| River Town Federal Credit UnionFederal | PO Box 305 Fort Smith, AR 72902 | 2,380 | rivertownfcu.org |
| Fort Smith Teachers Federal Credit UnionFederal | P. O. Box 3606 Fort Smith, AR 72913 | 1,419 | afcu.org |
More about Fort Smith
Only credit union headquarters are listed, with the address on file with the NCUA; phone numbers and branch locations are on each credit union’s website. Many credit unions also have branches in Fort Smith and nearby — check membership requirements, as some are open to anyone who lives or works in the area. Loan stores: storefront locations of major payday, installment and title lenders; call ahead to confirm hours.